US CBDC Debate Heats Up as Former CFTC Chair Says Digital Dollar Is ‘Inevitable’ Despite Trump Opposition

Former CFTC Chairman Timothy Massad has said that a US central bank digital currency (CBDC) or a government-backed digital dollar is likely unavoidable, even though President Donald Trump has strongly opposed it publicly.

Speaking at the Digital Money Summit 2026 in London, Massad said that while Washington talks against CBDCs in public, work is still happening quietly behind closed doors as global finance moves toward tokenized money systems.

Timothy Massad Says Digital Dollar Is ‘Inevitable’

Massad argued that the US will eventually need a digital dollar or similar government backed system because global financial markets are shifting toward blockchain based settlement.

He pointed to international central bank experiments as a key reason. One example he gave was the Bank for International Settlements (BIS) Project Agora, which involves seven central banks, including participation from the United States.

He said this shows that even if there is no public CBDC program, technical work is still progressing.

Federal Reserve and Policy Position

Mark Gould, Chief Payments Executive at the Federal Reserve, said CBDC is not currently part of the Fed’s active plans. However, he confirmed that if a government-backed digital dollar were created, it would fall under the Federal Reserve’s responsibility.

Trump’s Strong Anti-CBDC Stance

Donald Trump has repeatedly opposed CBDCs, promising during his 2024 campaign to block any digital dollar. In March 2026, the US Senate also voted 89–10 to restrict the Federal Reserve from issuing a CBDC, although the proposal is still not fully approved in Congress.

Massad said global tokenization trends and competition from Europe and other regions will eventually force the US to develop a government backed on chain payment system, even if it is not officially called a CBDC.